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How To Deal With Retirement Anxiety?

Retirement is the start of a new journey that requires planning and has little scope for mistakes. So, people often get anxious as they don't know how to deal with the situation if things don't go as planned.

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Amit Sethi
December 22, 2023
Retirement Anxiety

Retirement Anxiety

Retirement tells us that our productive life is over. So, how to cope with the retirement anxiety that you may face when dealing with issues related to retirement because your earning time is already over?

Retirement, whether from a formal job, from a service, or a business is a certainty. Businessmen and service providers work longer years because they work on their own but finally, everyone has to retire sooner or later. The next day, when you wake up without having to rush to work, without looking forward to something, is a dreary situation to be in and that is what makes people anxious. But this doesn’t have to be so. A retired life can be a source of happiness and growth if planned properly. Here are some of the things that you can do to reduce retirement anxiety.

Set Your Financial Goals And Work Towards It

One of the things that makes people anxious is the lack of regular income during retirement period. The solution is to set your financial goals. Work with a planner to assess your financial goals and work towards achieving them. It will keep you away from retirement anxiety and as you build your retirement corpus, you may even wait and want to enjoy your retirement.

You can start saving a little more, provision less on unplanned expenses, avoid taking any new debt, and make a budget to have more control of your money. These steps can help you build a sufficient corpus for retirement.

Also Read: What Is A Senior Citizen Card And What Are Its Benefits?

Strengthen Your Social Network

People often don’t know how much they need their friends and network until they retire. In professional life, people tend to ignore such things because of lack of time and because of various other things demanding attention. However, your social network becomes a source of support in old age. So, cultivate your social network to spend your time with people on whom you can rely to spend your time during your retirement.

Make The Best Use Of Your Free Time

Make a plan of how you will spend your free time after retirement. Boredom is the most pressing issue of retirees. A plan in advance will help you work towards that. The plan should be realistic and should not require a huge investment. It may be taking a part-time teaching job in a school, doing part-time consulting, and writing for publishing houses, starting a small business, or even taking a full-time informal job depending on your interest.

The more you can get control over uncertainties during your retirement, the easier it will be for you to deal with the anxiety. So, focus on building an adequate corpus, having sufficient health insurance coverage and a good financial plan to enjoy your retirement without having any anxiety.

 

The author is an independent financial journalist.

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